Gold eases on higher dollar

Gold eases on higher dollar LONDON: Gold inched lower on Monday, retreating from a near three-week high hit in the previous session, as the dollar recovered from its lows, but uncertainty over the Federal Reserve’s interest rates path limited losses.

Spot gold was down 0.1 per cent at $1,348.95 an ounce at 1435 GMT. Bullion hit $1,355.10 on Friday, its highest since July 12, after much slower-than-expected US economic growth weighed on the dollar.

Other precious metals fared better on improved investor sentiment, with palladium hitting a 13-month high of $722.70 an ounce and silver touching a 3-week high of $20.64 an ounce. Silver is up 47pc since the start of the year, outpacing gains in the rest of the precious metals complex.

The dollar rose 0.2pc against a basket of six currencies, crawling away from its lowest since July 5 hit on Friday.

Speculators increased their net long position in COMEX silver contracts, but cut net long positions in gold, in the week to July 26. Platinum, which hit over 14-month highs on Friday, rose 0.5pc to $1,149.99 an ounce.